Worli Housing Society Receives Green Light for 2.8 FSI Redevelopment
The Maharashtra Coastal Zone Management Authority (MCZMA) has approved a Floor Space Index (FSI) of 2.8 for the redevelopment of Shivshahi housing society in Worli, Mumbai. This society is part of a Maharashtra Housing and Area Development Authority (MHADA) layout. This decision paves the way for a significant transformation of the existing housing complex.
Building Area and Plot Ratio
Based on the approved FSI, the Brihanmumbai Municipal Corporation (BMC) has authorized a total building area of 1.53 lakh square meters on the 12,452 square meter plot. This translates to an impressive plot ratio of 9.9, meaning the total building area will be nearly ten times the size of the plot.
Redevelopment Plan
The existing society consists of 198 families housed in 12 buildings built by MHADA in 1950. The developer undertaking the project, Wonder Value Realty, plans to construct three towers: a 42-story skyscraper to house the existing residents free of charge, and two additional 38-floor towers designated for sale on the open market. The Shivshahi housing society's current residents will be rehoused within this taller structure upon completion.
Financial Implications and Policy Considerations
The BMC, which possesses ownership of the land, will receive a premium of Rs 172 crore from the developer. Notably, MHADA has waived its claim to a share of the built-up area, which would have included an estimated 650 tenements for economically weaker sections, as per their September 2010 policy. This decision was made due to the developer's proposal being submitted prior to the implementation of a revised policy based primarily on premium payment schemes.
Premium Sharing and Land Lease
The premium that MHADA will receive from the developer will be split with the BMC. The land itself is on a 999-year lease from the BMC to MHADA.
FSI Justification and CRZ Clearance
While MHADA has typically granted an FSI of 1.65 with premium, the society pursued approval for an FSI of 2.8 for buildings deemed decrepit and situated under Coastal Regulation Zone (CRZ) II. The 12 buildings of Shivshahi housing society received a dangerous and dilapidated designation in 2009. However, it’s important to note that these very buildings underwent repairs and repainting as recently as three years ago.
MHADA stipulated that the society would bear all responsibility and costs associated with obtaining the necessary CRZ clearance. Hence, any ramifications or roadblocks encountered throughout this environmental clearance process would solely fall upon the housing society.